Maharashtra State BoardHSC Arts 12th Board Exam
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State True Or False. Statement of Profit Shows Financial Position of Business. - Book Keeping and Accountancy

MCQ
True or False

State True or False.
Statement of profit shows financial position of business.

Options

  • True

  • False

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Solution

False

Explanation:
 Under single-entry system, statement of profit shows the results of business activities. Instead, the financial position of a business is disclosed by preparing the statement of affairs.

Concept: Preparation of Statements for Single Entry System
  Is there an error in this question or solution?
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